At Lura Swaim Accounting Services, we assist our tax clients through efficient compliance and effective planning to help them realize substantial savings. We use a team approach and focus on timely communication to provide our clients with excellent service. Tax partner and specialist involvement ensure that our clients receive the most experienced technical expertise we have to offer.
We offer the following tax services:
Federal and State Tax Services
Tax Return Compliance
Preparation of federal and state tax returns is the core of our tax services. High-levels of technical and industry specific expertise allow our tax professionals to ensure our clients’ tax returns are prepared efficiently and timely.
Research Credit Calculations
We can help your business determine if it is eligible to claim certain federal and state research credits, assist with the documentation requirements and quantify the amount of the tax credit.
Real Estate Cost Segregation Studies
At Lura Swaim Accounting Services, we have proven cost segregation strategies that can be used to accelerate real estate tax depreciation deductions for businesses. This results in a deferral of taxes which in turn increases cash flow.
Cost segregation works by separating the costs of property from the building, land acquisition or construction costs. This benefits your business because the property has a shorter useful life for depreciation purposes when it stands on its own than when it is combined with the longer lived building or land.
There are certain limitations surrounding cost segregation. It can only be performed on buildings constructed, acquired, enhanced or expanded in 1986 or later. Additionally, certain industries tend to have buildings with the most potential for tax deferral and improved cash flows. These industries include but are not necessarily limited to the following:
- Auto dealerships
- Hospitals and medical facilities
- Industrial facilities
- Manufacturing facilities
- Office buildings
- Retail stores and shopping centers
- Apartment or condominium complexes
- Supermarkets and restaurants
Audit & Appeal Representation
We possess the expertise and experience to represent taxpayers before tax authorities. Our tax professionals understand the dispute resolution and appeals process and work diligently to obtain you the most favorable results.
State and Local Tax Specific Services
Nexus Consulting and State Tax Liability Analysis
We can help you understand and navigate where your business is required to file and pay state and local taxes based on multistate activities. Additionally, we will help you decide where to file and quantify potential tax liabilities associated with various state and local jurisdictions.
Tax Planning Services
Federal Income Tax Planning
We aid businesses with all aspects of federal income tax planning. This includes implementing federal income tax strategies that maximize savings, increase profits and manage cash flows.
State and Local Tax Planning
Our team understands the structural and transactional underpinnings of state and local regulations in ways that allow us to create solutions that mitigate tax liabilities. We provide state and local tax planning in the following areas:
- Income tax
- Franchise tax
- Sales and use tax
Other Tax Services
Accounting for Income Taxes
Financial accounting for income taxes can be complex. Our professionals have the technical skills and experience to help our clients navigate through these complex requirements and create efficient income tax accounting and reporting. The services we offer allow our clients to minimize year-end surprises and reduce risk related to reporting. These services include:
- Calculation of tax provisions
- Account for uncertain tax positions
- Analyze current and deferred taxes
- Prepare financial statement footnote disclosures
We keep our clients up-to-date on the latest federal and state tax issues through newsletters, website postings and face-face to meetings. By staying ahead of tax issues we can communicate how they will impact you operations quickly and address them in a timely manner.
Individual Tax Services
When it comes to individual taxes, change provides opportunity. We keep on top of these changes to provide you with the best advice and strategies, especially through planning opportunities. You can depend on us for objective guidance and personal attention. We believe in focusing on your long-term financial goals and steering your current needs in a direction to meet them.
Estate and Trust Tax Services
If you have not considered what will happen to your hard earned assets as you age and eventually pass on you should. Without an estate plan, the wealth you worked your entire life to build will be distributed according to state law and not according to your wishes. Estate planning is crucial if you want to minimize taxes and distribute as much as possible to your preferred beneficiaries.
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